DOVER — City Manager Mike Joyal has received a letter from Dickinson Development regarding developer Mark Dickinson’s plans for attracting investors to the project.

The letter comes following a meeting last week between Joyal and Dickinson, at which Dickinson detailed his plans to sell the residential portion of Dover Landing, Phase I. Joyal requested the letter as a follow-up.

In his letter, Dickinson states the goal of Dickinson Development is to get the proposed apartment community under way as soon as possible along with other components of the development. He also details the decision to scrap previously proposed single-family residences in favor of apartment complexes.

“After a lot of evaluation late last year, following discussions with many regional large apartment complex developers, we determined that the previously proposed single family homes were having a negative effect on investor interest,” Dickinson wrote.

That plan was approved by the Cocheco Waterfront Development Advisory Committee in May.

Dickinson said that after meeting with investors, it became clear to him they had no interest in the commercial portion of the development, which Dickinson has said will be completed by Dickinson Development. Additionally, Dickinson noted those investors did not need him as a partner on the residential side of the project, “other than as an adviser and consultant through the end of the LDA Phase I required improvements,” and those investors were not interested in buying the final property without final permits that Dickinson Development would obtain.

In his search for investors, Dickinson hired NorthMarq, a national real estate investment banking firm. “What emerged from their efforts and evaluation was the conclusion that the most effective way to get the multifamily part of the development off the ground was to sell that parcel to a large and experienced development firm,” Dickinson wrote.

According to the letter, NorthMarq then put together “an offering memorandum” detailing an opportunity for investors to “acquire” Dover Landing — Phase I for an asking price of $3,940,000.

“Technically, we can’t offer the property for sale, but the offering memorandum is simply a marketing piece to see if someone has an interest in the project,” Dickinson wrote.

Last week, Dickinson told Foster’s the asking price of $3.94 million is expected to help cover his costs on the project, including more than $1 million he said he has already invested in the development. In addition, Dickinson said he would buy the land for $1.2 million and pay a remediation cost of approximately $800,000. The remaining difference, if achieved, would be compensation for Dickinson and his company’s time and services over six years of work on the development.

“After normal negotiations on price and transaction costs, it is highly unlikely that a profit will be made that even reimburses my company for all the work we’ve done over the past 6 years and cover the investment still required to be made by Dickinson Development in the LDA Phase I infrastructure improvements required to be completed, including the commercial building,” Dickinson wrote.

In his letter, Dickinson said he wants to see Dover Landing become a success for the city, and that he expects to remain invested in the project.

In his email, Joyal said Dickinson will provide a copy of NorthMarq’s solicitation to the City Council and city officials.